On July 21, 2022, Vietnam’s Ministry of Industry and Trade (MOIT) submitted Report No. 126/BC-BCT to the Prime Minister regarding the mechanism for transitional wind and solar power projects. In this report, the MOIT proposed some recommendations to explicitly address difficulties for outstanding wind and solar power projects (“Transitional Projects”) which have been developed under the Prime Minister’s Decision No. 13/2020/QD-TTg dated April 6, 2020, on the development of solar power projects (Decision 13) and Decision No. 37/2011/QD-TTg dated June 29, 2011, on the development of wind power projects (Decision 37), as amended by Decision No. 39/2018/QD-TTg dated September 10, 2018 (Decision 39). The Transitional Projects primarily include those which have completed construction but have not yet been put into operation, and those which have been put into operation but for which the power price has not yet been decided, due to missing the deadline set forth under the aforementioned decisions to be eligible for the feed-in-tariff (FIT). In particular, the MOIT has proposed the following key recommendations to the Prime Minister: Mechanism for Transitional Projects The MOIT proposes two options: Option 1: Developers of the Transitional Projects negotiate and sign power purchase agreements (PPA) with Vietnam Electricity (EVN) within the price framework issued by the MOIT in accordance with the Law on Electricity, the Law on Prices, and their subordinate guiding legislation; or Option 2: The Prime Minister formulates a new decision specifying the mechanism for bidding on the purchase of power produced by the Transitional Projects, estimated to be implemented for the time limit of three years and within the price framework issued by the MOIT. Mechanism for future wind and solar power projects The MOIT proposes to apply the mechanism that developers of future wind and solar projects negotiate the power price and sign the PPA

Thailand’s Securities and Exchange Commission and the Stock Exchange of Thailand (SET) have opened a public hearing period on proposed changes to requirements for IPO securities issuers and other regulations relating to companies listed on the SET and the Market for Alternative Investment (MAI). The proposed changes aim to prevent the use of publicly offered securities to avoid or violate strict regulations on investment management. During the public hearing period, interested parties may submit comments on the proposed rules until August 18, 2022, with the finished regulations expected to be issued soon after. Key Proposed Changes to Rules for Securities Issuers Under the proposed rule adjustments, securities issuers (i.e., operating companies, holding companies, or foreign companies that request a public offering) must not be investment companies, except for companies or subsidiaries undertaking financial institution business (e.g., commercial banks, finance companies, credit foncier companies, securities companies, and life/non-life insurance companies). “Investment company” refers to a company that has more than 40 percent of its total assets as passive investments in securities, derivatives (excluding for hedging purposes) or digital assets. When considering whether a company that has a subsidiary is classified as an investment company, it will be determined based on the consolidated financial statement. Excluded from such classification are investments for low-risk liquidity management (i.e., bank deposits, government bonds, debt instruments backed by the Ministry of Finance, money market mutual funds, or fixed-income funds); affiliate companies that do not operate as investment companies; subsidiary companies under the same group company; and investments in business networks, synergies, or value chains. Key Proposed Changes to Rules for Listed Companies A company with the characteristics of an investment company mentioned above is not allowed to list its securities on the SET or the MAI. Companies listed on SET and MAI with more than

Vietnam’s current Law on E-Transactions was passed in 2005 and has been effective since March 1, 2006. This law is considered a framework law, developed based on the Model Law on E-Commerce of the United Nations Commission on International Trade Law (UNCITRAL). According to the Ministry of Information and Communications (MIC), over the past 17 years, the implementation and application of e-transactions has shown significant evolution in certain areas demanding high levels of international integration, such as banking and e-commerce, but has faced difficulties in other areas due to a lack of detailed guidance. In addition, with the strong growth and breakthrough development of digital technologies such as artificial intelligence, big data, biometrics, and blockchain, and in the context of the ongoing Industrial Revolution 4.0 and the development of digital government, digital economy, and digital society, the 2005 Law on E-Transactions has revealed its shortcomings. Therefore, the government of Vietnam has entrusted the MIC to take the lead in drafting a new Law on E-Transactions, which will replace the old 2005 law in order to meet the country’s development needs. Accordingly, the MIC published a Draft Law on E-Transactions (“Draft Law”) for public consultation from May 4 to July 4, 2022. The latest accessible version of the Draft Law at the time of writing is Version 4. The effective date of the Draft Law is still not yet determined, though this law is expected to be submitted to the National Assembly for its review and comments in October 2022 and approval in May 2023. The following are some key contents of the Draft Law: 1. Scope of Application Unlike the current law, which explicitly excludes certain areas such as the issuance of certificates of land use rights and marriage certificates from the scope of application, the Draft Law attempts

On July 15, 2022, the Central Bank of Myanmar (CBM) issued Letter No. FE-1/754 instructing banks with authorized dealer (AD) status to inform the CBM of the balances in foreign-currency accounts belonging to Myanmar companies with up to 35% foreign ownership. This was to be done by 6 p.m. on the same day. In addition, AD banks were ordered to purchase the balances of the relevant foreign-currency accounts and exchange the amounts with Myanmar kyat (MMK). These amounts are to be entered into the bank-customer (bid) and non-trade inward (real time-R) lists by 6 p.m. on July 18, 2022. The letter also warned that the failure to follow this instruction would be subject to various sanctions, including warnings, restriction of foreign exchange management functions, fines, temporary or permanent suspension of banking authorizations, and cancellation of business licenses. Letter No. FE-1/754 followed a decision made by the Foreign Exchange Supervisory Committee in meeting No. 32/2002 requiring foreign-currency balances held in accounts of Myanmar companies with up to 35% foreign ownership to be converted into MMK. A list of these companies, provided by the Foreign Exchange Supervisory Committee, was included with the letter. For more details on these foreign exchange developments, or on any aspect of financial regulations in Myanmar, please contact Tilleke & Gibbins at [email protected].